Stock Indexes Rise; Grubhub Among The Breakouts | Stock News & Stock Market Analysis

Stock indexes moved up confidently midday Friday, as the market digested less than perfect data on fourth quarter GDP.

X The Nasdaq rose 0.6%, while the S&P 500 and the Dow Jones industrial average added 0.5% and 0.3% respectively.

Volume in the stock market today was running lower on the NYSE and higher on the Nasdaq compared with the same time Thursday.

Among IBD’s 197 industry groups, the day’s best performers were drugmakers, chips and consumer loans. On the negative side, recreational vehicles and soaps were among the day’s biggest losers.

Breakouts this morning included insurance broker Arthur J. Gallagher (AJG), up 6% in heavy volume as the big cap cleared a 67.42 entry in a flat base; online meal delivery provider Grubhub (GRUB), up 3% in fast trade; golf equipment maker Callaway Golf (ELY), up 1% in brisk volume as it attempted to cross and hold above a 15.47 buy point in a double-bottom pattern; diet marketer Herbalife (HLF), up 1% in moderate volume; and housekeeping and maintenance services provider Healthcare Services Group (HCSG), up almost 2% in strong volume.

Financial News

Fourth-quarter GDP rolled in at 2.6%, below the consensus view for 2.9%. Bloomberg News noted that areas within the report were strong. Consumer spending popped 3.8%, the most in more than a year. Business equipment investment was the best in three years, expanding at an 11.4 % annualized pace and picking up from a 10.8% gain in the prior period.

Durable goods orders for December ballooned 2.9% vs. expectations for 0.6%. The 2.9% surge was almost double the highest estimate in the range.


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Originally posted 2018-01-28 03:09:49.


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